Pelly · 2019年05月01日
2008 上午真题 question 3 / part d
第二小问 根据plan funding status判断risk tolerance.
答案里写的第一点： funding level of 70% of pbo is less than the industry average.
企业的70%根据表格数据能算，那industry average呢？根据什么来算的？没有找到信息点。
答案里写的第二点：tepp anticipates sponsor contributions of only 90% of the payments to beneficiaries.这里的90%，一样找不到信息点。谢谢！
发亮_品职助教 · 2019年05月01日
”funding level of 70% of PBO is less than the industry average.”
70%是从表里的数据算的。Pension assets是8734；PBO是12477；Funding level是：8734/12477=70%
这个Funding level其实算的是Pension assets占PBO的比例，如果Shortfall越大，即Pension assets小于PBO越多，则算出来资产占PBO的这个比率越小。
从下文Rich的notes第一条：The funding shortfall in TEPP is significantly larger than the airline industry average.
即TEPP的Shortfall很大，大于行业平均很多，所以算出来Funding level 70%的比率小于行业平均。
答题的时候不算比率也是OK的，说原因的时候说：The funding shortfall in TEPP is significantly larger than the airline industry average.也是可以的。
”tepp anticipates sponsor contributions of only 90% of the payments to beneficiaries.”
当年Contribution占当年养老金支出的比例是从下文找到的：
Changes to U.S. tax law will require Titan to contribute $927 million in 2008. In its 2007 annual report, Titan’s management commented, “We anticipate benefits payments under TEPP will equal $1,030 million in 2008 and exceed $800 million in each of the following three years.
所以2008年的Contribution是927，2008年的Benefits payment是1030，所以比例为：927/1030 = 90%
比行业平均小的文字描述来自Rich的最后一条Notes：
Titan’s 2008 pension contribution, as a percentage of payments to beneficiaries, will be smaller than the airline industry average.
